What is a Historic Home? A historic home has some significant historic relevance as reflected in its architecture.
Why Buy? Historic homes appeal to people for a variety of reasons. Many home buyers like the idea of a historic home because it had significant relevance in the past, while others may just like “the look” of architecture from years past. A large contingency of buyers, while certainly admiring the property’s aesthetic qualities, will buy a historic home because of the benefits that come with restoring it. Historic homes are often eligible for special grant awards for preservation.
We’ve made major improvements in the way people finance their renovations! You’ll enjoy start to-finish convenience with our streamlined, simplified process:
1. Consult with a renovation specialist such as myself to determine if the renovation program will meet your needs.
2. Apply for your Purchase & Renovate loan or Refinance & Renovate loan. Upon credit approval, you receive a Priority Buyer preapproval letter and I will contact you to discuss approval conditions.
3. For purchases only, select a property (if one has not already been chosen) and execute a purchase agreement, if not previously done, containing renovation verbiage.
4. Do research on the home. Once you are comfortable with any laws and regulations regarding purchasing a historic home, you should decide on a house. State websites on historic preservation may have helpful links to information on the property you are particularly interested in. If the property is listed, the real estate agent should be able to provide you with interesting tidbits about the property’s history.
5. Schedule required inspections as applicable, There are inspectors who specialize in historic homes. See the Historic Building Inspectors Association for more information. These people might be more costly than a regular inspector, but they are trained to evaluate properties such as the one you are interested in. The roof is a huge inspection item. A failing roof will cause leaks and will incur much money for repairs in the future. The heating system in the building will likely be old. Just because a system is old, however, does not mean it is bad. Have your inspector evaluate the method of heating, and suggest ways to maintain/improve on it. Remember, though, that certain methods may not be acceptable by the historic commission of your state (i.e. ripping it out and putting in a brand new system). I will assign a certified consultant to you to determine the scope of work.
6. Select a contractor and provide a contractor’s packet. Review the contractor’s package and copy of renovation disclosures. Upon completion, the contractor returns the packet to us.
7. The scope of work is reviewed and accepted by all parties – you, your consultant, your contractor and Wells Fargo Home Mortgage.
8. The approved scope of work is sent to an appraiser who inspects the property and determines its after improved value.
9. Final loan approval is issued after the scope of work, appraisal and loan commitment conditions are reviewed and approved.
10. You obtain the homeowner’s insurance, the title is received, final figures are established and the closing documents are signed.
11. Renovation must begin within 30 days of closing, cannot stop for more than 30 days, and must be completed within the agreed-upon time frame (not longer than six months).
12. As work is completed, inspections are made by a certified consultant, funds are requested and disbursed.
Now you enjoy your newly renovated home!
Will Addo
Renovation Specialist
Wells Fargo Home Mortgage
404-375-7819
